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Investment Idea: Buy: Ajanta Pharma, Tata Motors; Sell: Adani Port

Way2wealth | 31 Jan, 2018  | Follow Author | Add to my Favourites 
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Nifty Spot

On Tuesday, the Nifty index opened on a subdued note considering the negative cues from the Asian bourses. Post opening, index encountered tremendous selling pressure which resulted into sharp fall during the initial hour of trade. Subsequently, index traded in a narrow range and eventually ended with a loss of 0.73%. Looking at the hourly chart, index currently oscillating near the hourly 45- EMA. Considering the previous two candles it seems that the Monday’s high of 11171 likely to act as a near term hurdle. For the day, 11000 / 10960 are immediate support whereas 11095 / 11140 are intraday resistance.


Bank Nifty Spot

The Nifty Bank index remained under pressure right from the opening tick and shed 0.83% over its previous close. The shooting star pattern mentioned in our previous update got activated as index closed below the candle low of 27407. The daily RSI (14) corrected from 83 levels and weekly RSI (14) still signal a bearish divergence hence we maintain our cautious view on index. For the day, 25150 will act as an immediate support below which next support comes near 27040 / 26875. Higher side, 27385 / 27500 are near term hurdle.

Stocks For Today

Name                          Entry                        Target             Stop loss

ADANIPORT             Sell Around 429               417             436.25

AJANTPHARM         Buy Around 1440             1495            1410

TATAMTRDVR          Buy Above 227.50            236.50          223

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.

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